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Accounts Receivable and Note Receivable | 9 Months Ended
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Sep. 30, 2024
Receivables [Abstract] |
Accounts Receivable and Note Receivable | Accounts Receivable and Note Receivable Accounts receivable consist of the following:
(In thousands) |  | September 30 2024 |  | December 31 2023
Trade accounts receivable |  | $ | 331,627 |  |  | $ | 353,709 |
Less: Allowance for expected credit losses |  | (12,721) |  |  | (15,522) |
Trade accounts receivable, net |  | $ | 318,906 |  |  | $ | 338,187 |
Other receivables (a) |  | $ | 42,960 |  |  | $ | 40,565 |
(a) Other receivables include employee receivables, insurance receivable, tax claims and refunds and other miscellaneous items not included in Trade accounts receivable, net. The change in provision for expected credit losses related to trade accounts receivable was as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30 |  | September 30
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Change in provision for expected credit losses |  | $ | (1,361) |  |  | $ | 6,054 |  |  | $ | (880) |  |  | $ | 6,448 |
At September 30, 2024, $21.4 million of the Company's trade accounts receivable were past due by twelve months or more, with $11.3 million of this amount reserved. Accounts Receivable Securitization Facility In June 2022, the Company and its SPE entered into an AR Facility with PNC Bank, National Association ("PNC") to accelerate cash flows from trade accounts receivable. On October 1, 2024, the Company renewed the AR Facility for a three-year term expiring in October 2027. The maximum purchase commitment by PNC is $150.0 million. The total outstanding balance of trade receivables that have been sold and derecognized by the SPE is $150.0 million as of September 30, 2024 and December 31, 2023. The SPE owned $66.9 million and $82.2 million of trade receivables as of September 30, 2024 and December 31, 2023, respectively, which is included in the caption Trade accounts receivable, net, on the Condensed Consolidated Balance Sheets. See Note 9, Debt and Credit Agreements, for AR Facility expenses incurred. The Company received proceeds of $5.0 million from the AR Facility for the nine months ended September 30, 2023. No proceeds were received during the nine months ended September 30, 2024
Factoring Arrangements The Company maintains factoring arrangements with a financial institution to sell certain accounts receivable that are also accounted for as a sale of financial assets and accordingly, derecognized from the Company's Consolidated Balance Sheet. The following table reflects balances for net amounts sold and program capacities for the arrangements:
(In millions) |  | September 30 2024 |  | December 31 2023
Net amounts sold under factoring arrangements |  | $ | 14.7 |  |  | $ | 16.1 |
Program capacities |  | 20.1 |  |  | 32.6 |
Note Receivable In January 2020, the Company sold IKG for $85.0 million including cash and a note receivable, subject to post-closing adjustments. The note receivable from the buyer had a face value of $40.0 million, bearing interest at 2.50%, that is paid in kind with an original maturity of January 31, 2027. Due to a change in control of the ownership of IKG during the second quarter of 2024, prepayment of the note was required, as defined in the note receivable agreement. As such, the Company received a payment of $17.0 million in April 2024, resulting in a pre-tax gain of $2.7 million reflected in the caption Interest income on the Consolidated Statement of Operations. As of December 31, 2023, the balance was classified as noncurrent and is included in the caption Other assets on the Condensed Consolidated Balance Sheet at amortized cost.
(In millions) |  | September 30 2024 |  | December 31 2023
Note receivable, at amortized cost |  | $ | — |  |  | $ | 14.0 |
Note receivable, fair value |  | — |  |  | 15.4 |

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- Definition The entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//310/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//326/tableOfContent + Details
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